Tax & Accounting Blog

6050W Guidance – U.S. Payors Making Payments Outside the U.S.

6050W Guidance – U.S. Payors Making Payments Outside the U.S.

Issued by the IRS on August 19, Notice 2011-71 provides interim guidance under section 6050W of the Internal Revenue Code.  In summary, the guidance provides relief from some 6050W reporting and documentation requirements for payment settlement entities who are U.S. payors making payments to offshore accounts.   The Notice is the result of comments … Read More

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What Is a MOU in Relation to Electronic Forms W-8 and W-9?

A Memorandum of Understanding (MOU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create … Read More